Financial Advisor Success

Carol Craigie is to co-founder of the Fiscal Fitness Clubs of America, a financial wellness company that aims to expand the reach of financial advice using a combination of online education and group classes.

Elaine shares how her advisory firm fee structure evolved, from initially doing standalone financial planning project fees to her current blended AUM plus upfront planning fee model, the unique engagement process that she uses, and the way that she breaks up her upfront planning fee into an initial series of ongoing payments in the first three months, to helping clients get into completing the process. For show notes and more visit: https://www.kitces.com/41  

Phillip is the founder and CEO of Ensemble Practice, talks about different ways that advisors can share equity in becoming the multi-professional advisory firm and what it takes to actually introduce a new second generation to the firm. For show notes and more visit https://www.kitces.com/40

Learn how behavioral assessment tools could eventually become a way that we show our value as financial advisors where we provide the assessment and show them how we’re helping them change their financial attitudes and behaviors for the better. Access full episode show notes at kitces.com/39.

How you can use social media as a successful path to marketing and specifically to facilitate work life balance. In this episode, the chat with Winnie Sun, co-founder of Sun Financial Group. Winnie explores what’s functioning when it comes to online social media marketing and why she still balances spending two thirds of her time in wealth management and business. She also talks about how she structured her team with her partner to support her practice. Get full episode show notes at kitces.com/38

Today’s guest has seen her company go from gaining nearly 150 clients over a decade to yielding four prospect inquiries per week. How did they do it? Let’s just say Johanna Fox Turner has discovered the power of finding a niche. Her fee-only financial advisory firm, Fox & Company, recently switched to focusing on physicians as its specialty. It has since seen such rapid growth – there is now a six to eight week waiting list for new clients.  On this episode, Johanna shares with us how she managed her company’s change in focus – restructuring their advisory fees from an AUM model to a three-tiered retainer structure. We also learn how she has been able to generate a high volume of referrals through unique centers of influence.  Johanna explains how she broke the news of shifting into a niche to her existing clients, and why her existing non-doctor clients have stayed with her as she focuses into her new doctor niche. Get the full show notes and transcript for this episode at: www.kitces.com/37  

We routinely bang the drum for choosing a niche and throwing all your effort at it - and Scott Hanson’s firm, Hanson McClain, is proof that this technique works.  The combination of dedicated, long-term marketing strategies and a niche of retiring utility workers has helped Scott and his partner Pat turn their business into a national advisory firm that serves about 4500 clients. And his firm handles all marketing for advisors, so advisors can focus on providing financial planning services rather than worrying about business development. In this interview, Scott talks about the major investment his $2.5 billion AUM firm has made in marketing, including hiring ten-plus marketing staff. And be sure to listen to the end, where Scott talks about the decision to sell 70% stake in his business in order to help the business keep growing strong well into the future. Get the full show notes and transcript for this episode at: www.kitces.com/36

Cheryl Holland's firm, Abacus Planning Group, is based in Columbia, South Carolina. Working in a mid-sized city such as Columbia might prove tricky for other advisors, but her niche working with families who hold business and other close assets has set her apart. Coupled with her natural drive and a willingness to keep learning, Cheryl has build a firm that rests on the core tenets of learning, growth, empathy, and challenging work. In this interview, Cheryl talks about how she built Abacus, why she invests so heavily in every one of her employees, and what she’s done to systematize just about every process in the office. She shares how technology has helped drive the growth of her firm, and why she’s put such a strong emphasis on teaching her team (and herself!) how to be keen listeners as well as talented financial advisors. Get the full show notes and transcript for this episode at: www.kitces.com/35

Sheryl’s firm Rowling & Associates was already a robust planning practice before she decided to design and launch a rebalancing software that would be affordable and simple to use. In this interview, she shares the challenges of running concurrent businesses, what she wished she knew before diving into the software world, and what she learned about life and work while managing two related but demanding ventures. She’s also a fierce advocate for work-life balance and has built a practice that allows employees to serve clients to a high standard while also carving out time for the rest of their lives. Sheryl shares the structure of her firm today, along with her hiring philosophy and how she manages such great, holistic relationships with clients. Get the full show notes and transcript for this episode at: www.kitces.com/34

Building a business is already hard. Building a successful wealth management business in a rural area, where there aren’t as many potential clients, is even harder. Meet Jeff Rose, the founder of Alliance Wealth Management, who will be sharing how his business is now managing over $40 million while making over $100k on the side from referrals and partnerships. Digital marketing is the main key to Jeff’s success. Ever since he got his first online client thanks to his blogging and online presence, his focus has shifted to taking advantage of the internet’s potential for connection. Jeff shares how he’s built up his online presence to make his business known locally and to a wider audience. He also gives us details on how he forged partnerships with insurance agencies and other services to provide more value to his customers while making money on the side. Get the full show notes and transcript for this episode at: www.kitces.com/33